Summering in The Parks at Broken Top…

Popular no matter what the season, The Parks at Broken Top offers well cared for homes homes with great amenities such as a neighborhood pool, parks and trails. The Parks is centrally located easy access to the Phil’s Trial complex, the Cascade Lakes and Mt Bachelor. Downtown Bend and the popular Galveston/14th Street corridor with fantastic shopping and dining is just minutes away.


Right now the possibilities for ownership in The Parks are slim with only two active listings. Recently homes that are well priced have been selling within 30 to 75 days of being on the market. This speaks volumes for the popularity of this neighborhood.

If you are interested in learning more about The Parks at Broken Top or touring some the homes listed below feel free to contact me.


Sold

SW Fisher Lake L 2 bedrooms 2 bathrooms 1475 square feet 0.150 acres

year built 2006 $259,900 list price $250,000 sold price

Davis Lake Loop 3 bedrooms 2.50 bathrooms 1966 square feet 0.150 acres

year built 2004 $270,000 list price $270,000 sold price

Fisher Lake 2 bedrooms 2.50 bathrooms 1756 square feet 0.150 acres

year built 2006 $282,000 list price $300,500 sold price

Cultus Lake Ct 3 bedrooms 3.50 bathrooms 2590 square feet 0.190 acres

year built 2005 $389,000 list price $370,000 sold price

Blue Lake Loop 4 bedrooms 3.50 bathrooms 2810 square feet 0.230 acres

year built 2005 $409,000 list price $400,000 sold price

Davis Lake Loop 4 bedrooms 4.50 bathrooms 3064 square feet 0.240 acres

year built 2005 $449,000 list price $406,000 sold price

Listing Count 6

Averages 2,277 square feet, 149.28 price per square foot 249/249 days on market

$343,150 list price $332,750 sold price

High 406,000      Low 250,000      Median 335,250


ShrtSale-BringBckUps

Blue Lake Loop 3 bedrooms 3.50 bathrooms 3016 square feet 0.210 acres

year built 2000 $399,000

Listing Count 1

Averages 3,016 square feet, 132.29 price per square foot, 510/510 days on market,

$399,000 list price

High 399,000      Low 399,000      Median 399,000


Pending

Lost Lake Dr 3 bedrooms 2.50 bathrooms 1816 square feet 0.150 acres

year built 2000 $319,000 list price

Fisher Lake Loop 4 bedrooms 3.50 bathrooms 2653 square feet 0.230 acres

year built 2006 $335,000 list price

Blue Lake Loop 4 bedrooms 3.50 bathrooms 2650 square feet 0.280 acres

year built 2002 $439,000 list price

Cultus Lake Ct 4 bedrooms 3.50 bathrooms 2653 square feet 0.190 acres

year built 2006 $439,000 list price

Listing Count 4

Averages 2,443 square feet, 158.27 price per square feet, 80/80 days on market

$383,000 list price

High 439,000      Low 319,000      Median 387,000



Active

Devils Lake Dr 3 bedrooms 2.50 bathrooms 2399 square feet 0.110 acres

year built 2000 $324,900 list price

Devils Lake Dr 2 bedrooms 2.50 bathrooms 2399 square feet 0.120 acres

year built 2000 $349,000 list price

Listing Count 2

Averages 2,399 square feet, 140.46 price per square feet, 56/56 days on market

$336,950 list price

High 349,000      Low 324,900      Median 336,950

Featured properties may not be listed by the office/agent presenting this blog.

Information has not been verified, is not guaranteed and is subject to change.
Source Central Oregon Realtors Association multiple listing service.

Bend, Oregon Real Estate Market Summer Stays Strong…

The Duke Warner Market Trends Report for August is out and the upward sales trend has made it through the summer. As one might expect with summer being the busier selling season, the numbers for August rose slightly over the July numbers. The number of properties listed as active dropping slightly. The most active category of homes remains in the under $225,000 range followed closely by the next bracket of $225,000 -$325,000. As reported previously the competition for nice properties that are well priced in these price ranges is stout. Rarely do we submit an offer on a home in the $150,000 range and not have to compete against several other buyers. The upper reaches of the market also continue to see steady sales results which helps balance the market.


As has been the trend for the last several months the distressed property market has been dampened. Once the fuel for our newer listings this segment has now become a trickle. The newly enacted Oregon Senate Bill 1552 has effectively shut down the number of default notices being served which may have slowed down the number of homes falling into this category. The required mediation of the Senate Bill has affected the number of folks moving toward short selling their properties. Most folks in distress are waiting to see what the mediation process will bring before committing to selling their property.

From what I have observed, this segment of the market had already been in decline long before the Senate Bill was enacted. This makes for the likelihood that we are nearing the end for this episode of the housing collapse. I have no doubt that we will continue to see distressed properties on the market but the fantastic opportunities of the last few years have largely been gobbled up and finding new treasures will take more work.

If this is the end of the collapse it may be some time before we see a fully recovered market. Most folks are wary of what the next few months will bring. With the politics of an election year dominating the decision making of business owners, the lawmakers and Wall Street, it could be months before there is any clarity to where the economic markets are heading. This uncertainty continues to dampen the jobs market and saps the strength from folks who want to sell their property and move on with their lives.

Bend is showing its durability and desirability, more than once we have been presumed to be a failing community but every time our spirit shines through. The qualities that have drawn folks to Bend since long before there were saw mills and ski hills remains here today. The beauty of the river, the mountains and the dry climate will always be what endures and draws people to Central Oregon.

Solid Summer For Home Sales River Rim…

Here is a great example of a neighborhood that has stabilized. River Rim properties have had a solid summer of sales, clearing out the few remaining distressed properties and buoyed by the good news that Hendrickson Homes is once again building in River Rim.



The Brookswood Plaza is also filling in and helping to anchor the neighborhood with businesses like C.J.Lovejoys grocery store, River Rim Coffee Shop, Snap Fitness and Toddles Preschool. Two newcomers to the plaza Local Slice pizza and La Rosa Mexican dining are adding a new dining element for the River Rim residents.


Coming up the Brookswood Bash on September 23rd in the River Rim at the Brookswood Plaza. The action starts at 1p.m. leaving plenty of the day to explore the River Rim neighborhood. If you would like to see any of the active listings contact me by phone, email or drop by the office at 1033 NW Newport Avenue.


Sold

Greatwood Loop 3 bedrooms 2 bathrooms 1452 square feet, 0.150 acres

year built 2002 $175,000 list price $165,000 sold price

Greatwood Loop 2 bedrooms 2 bathrooms 1526 square feet, 0.170 acres

year built 2003 $169,900 list price $169,900 sold price

Sager Loop 3 bedrooms 2.50 bathrooms 1800 square feet, 0.140 acres

year built 2006 $178,000 $180,000 sold price

Garrison Dr 3 bedrooms 2.50 bathrooms 1799 square feet, 0.150 acres

year built 2005 $179,900 $182,500 sold price

Greatwood Loop 3 bedrooms 2.50 bathrooms 1804 square feet, 0.150 acres

year built 2003 $244,900 list price $244,000 sold price

Pond Meadow Ct 3 bedrooms 2 bathrooms 1797 square feet, 0.180 acres

year built 2006 $270,000 list price $270,000 sold price

Sugar Mill Loop 3 bedrooms 2 bathrooms 1817 square feet, 0.170 acres

year built 2003 $295,000 list price $290,000 sold price

SW Sager 4 bedrooms 2.50 bathrooms 2592 square feet, 0.150 acres

year built 2011 $299,990 list price $299,990 sold price

SW Amber Meadow 3 bedrooms 2.50 bathrooms 2790 square feet, 0.190 acres

year built 2005 $329,900 list price $332,000 sold price

SW Whitney Pl 3 bedrooms 2.50 bathrooms 2080 square feet, 0.130 acres

year built 2011 $396,000 list price $375,000 sold price

Whitney Pl 3 bedrooms 2 bathrooms 2000 square feet, 0.200 acres

year built 2007 $389,000 list price $380,000 sold price

Garrison Dr 4 bedrooms 3.50 bathrooms 2978 square feet, 0.160 acres

year built 2006 $499,000 list price $485,000 sold price

Listing Count 12

Averages 2,036 square feet, 136.62 price per square foot, 117/135 days on market, $285,549 list price, $281,116 sold price

High $485,000 Low $165,000 Median $280,000




Pending

Garrison Dr 3 bedrooms 2.50 bathrooms 1800 square feet, 0.130 acres

year built 2005 $224,900 list price

Sager Loop 3 bedrooms 2.50 bathrooms 1799 square feet, 0.150 acres

year built 2006 $225,000 list price

Sugar Mill Loop 3 bedrooms 2 bathrooms 1902 square feet, 0.190 acres

year built 2002 $324,900 list price

Goldenwood Loop 3 bedrooms 2.50 bathrooms 2300 square feet, 0.260 acres

year built 2005 $349,900 list price

SW Woods Valley 4 bedrooms 3.50 bathrooms 2803 square feet, 0.124 acres

year built 2006 $369,500 list price

Golden Meadow L 4 bedrooms 3.50 bathrooms 3014 square feet, 0.270 acres

year built 2005 $449,900 list price

Amberwood Pl 3 bedrooms 2.50 bathrooms 2859 square feet, 0.230 acres

year built 2004 $579,900 list price

Listing Count 7

Averages 2,354 square feet, 150.98 price per square foot, 70/70 days on market, $360,571 list price

High $579,900 Low $224,900 Median $349,900




Active

Fishhawk Loop 3 bedrooms 2 bathrooms 1600 square feet, 0.140 acres

year built 2004 $189,900 list price

Garrison Dr 3 bedrooms 3 bathrooms 1800 square feet, 0.150 acres

year built 2006 $219,000 list price

Grayson Way 3 bedrooms 2 bathrooms 1629 square feet, 0.140 acres

year built 2003 $221,500 list price

Pond Meadow Ave 3 bedrooms 2 bathrooms 1800 square feet, 0.140 acres

year built 2004 $325,000 list price

Summerwood Way 3 bedrooms 2 bathrooms 2001 square feet, 0.180 acres

year built 2002 $328,950 list price

Whitney P 3 bedrooms 2 bathrooms 1800 square feet, 0.140 acres

year built 200? $350,000 list price

Woods Valley Pl 3 bedrooms 2.50 bathrooms 2728 square feet, 0.130 acres

year built 2006 $359,000 list price

Falcon Poi 3 bedrooms 2.50 bathrooms 1944 square feet, 0.160 acres

year built 2011 $363,000 list price

Whitney P 4 bedrooms 2 bathrooms 2000 square feet, 0.140 acres

year built 2011 $375,000 list price

Whitney P 3 bedrooms 2.50 bathrooms 2124 square feet, 0.150 acres

year built 2011 $379,500 list price

Falcon Poi 3 bedrooms 2.50 bathrooms 2080 square feet, 0.140 acres

year built 2011 $380,000 list price

SW Creekstone Lo 4 bedrooms 3 bathrooms 2925 square feet, 0.220 acres

year built 2003 $380,000 list price

Falcon Po 4 bedrooms 2.50 bathrooms 2296 square feet, 0.140 acres

year built 2011 $385,000 list price

Summerwood Way 4 bedrooms 2.50 bathrooms 2763 square feet, 0.170 acres

year built 2003 $414,500 list price

Golden Meadow L 3 bedrooms 3 bathrooms 2583 square feet, 0.250 acres

year built 2005 $539,000 list price

Golden Meadow L 4 bedrooms 2.50 bathrooms 3313 square feet, 0.220 acres

year built 2005 $579,000 list price

Charleswood Lane 3 bedrooms 4 bathrooms 3533 square feet, 0.278 acres

year built 2003 $595,000 list price

Golden Meadow L 3 bedrooms 3 bathrooms 3138 square feet, 0.480 acres

year built 2005 $674,000 list price

Listing Count 18

Averages 2,337 square feet, 166.51 price per square foot, 244/288 days on market, $392,075 list price

High $674,000 Low $189,900 Median $377,250

Featured properties may not be listed by the office/agent presenting this blog.

Information has not been verified, is not guaranteed and is subject to change.
Source Central Oregon Realtors Association multiple listing service.

Summer Has Finally Arrived on the High Desert…

While the rest of the nation has been sweltering for months Central Oregon is arriving to the party a little late but in grand style. After a false start right after the Fourth of July we have been enjoying days in the mid-eighties while cooling off in the evenings to the high 40’s or low 50’s. This has made attending our many outside events like our Farmer’s Markets, Chris Isaak or Counting Crows concerts and the low key “Alive After 5” concert series in the Old Mill district quite enjoyable.


Not late to the party is our local real estate market. We continue to see improvement across the board. Reviewing our Duke Warner Market Trends Report shows the market under $300,000 remains the hottest with almost 70% of the homes sold in July being in this category. Include in this category are homes under $225,000 which remain most sought after properties with first time homebuyers and investors squaring off against each other to compete for these properties.

To illustrate, the other day a client submitted an offer on home in the mid-one hundred thousand range only to find that they were one of thirteen offers. This was the third time within the month that they had missed out on a home. Not to worry this week they were successful in their bid to find a home, out bidding several other parties.

It is interesting to see the lag in perception to reality. Many folks who have been waiting to time the bottom of the market are now finding that they have missed the mark by several months. Most are surprised at how difficult it is to find a good property at the bargain pricing they have been hearing about for the last several years. Undaunted they continue to seek out their bargain property amongst a limited inventory.

Several are still waiting in the wings for the much vaunted shadow inventory. There is no doubt that there are number of distressed properties that lenders have not processed. Are their numbers significant enough to cause the market to shift once again? Probably not, lenders appear to process these properties as fast as they can, leaving a fairly stable number of homes on the market at any one time.

Complicating the picture is the recent enactment of Oregon Senate Bill 1552. This bill requires larger lenders to offer “foreclosure avoidance measures” including mediation between the lender and the borrower. The lender is required to provide a substantial amount of documentation as to the history of the loan, something that is not easily done in today’s world of tranching the loans into smaller parcels to be securitized for investors. The advent of this bill will most likely delay the inevitable for most distressed properties, eventually they will find their way to the market. The likelihood of this being a tidal wave of properties hitting the market is slim. Once they find their way to market the market conditions are likely to be more favorable for the seller.

The popular refrain of folks who missed the buying opportunities of the last downturn was “I wish I would have bought property when the market was down…” will once again be a popular refrain of those missing the opportunities of today’s market. Will you be one those who could of, would have or should have? Do not be one of those folks, contact me soon to discuss today’s market…

Summer is here and so are the June Bratton and Duke Warner Market Trend Reports…

The Bend market trend numbers have remained steady as we go over the past few months. With summer we have seen a slight increase in the number of active listings with the number of sold properties remaining consistent with the previous three months. The number of sold properties has remained fairly level over this period.

What to expect this summer?? One is that the Northwest weather rarely follows the rest of the nation; while the rest of the country swelters we have had a relatively cool summer thus far with only one week of hot weather. What is sweltering in our neck of the woods is the real estate market under $300,000. We continue to see multiple offers for good homes that are reasonably priced. Many of these homes will be tied up within a matter of days of coming onto the market. The continued pressure on the available inventory is leading to slight price increases if not when the property is listed then when a property has multiple offers.

We are also seeing a continued decrease in the number of Bank owned homes that are available. Currently in Bend (not including the outlying areas) there are 18 active listings available and 44 pending sale listings. I think we all know of several properties that are sitting out there vacant with signs in the windows and no owner insight… the dreaded shadow inventory!! So far the banks have shown inclination to move quickly to resolve issues with these properties and bring them to market. I would like to say that this all part of the plan to keep the market stable but my experience with banks/lenders would make me think otherwise. The lenders do not care they move to their own rules at their own pace. Unless they show a willingness to throw more money and manpower at the shadow homes my thoughts are that they will continue to dribble out for the immediate future.

Conversely the availability of properties being short sold remains constant with 50 homes in an active listing status, 58 are in a contingent sale status with back up offers being accepted and 79 in a pending sale status.

It will be interesting to see how Bill 1552, passed last fall by the Oregon house and senate, has an effect on the market. Designed to provide help distressed homeowners in communicating with their lender to arrive at a solution for their dilemma. The key feature of this bill is to bring lenders and homeowners together to mediate a reasonable solution for both parties.

The optimism that we have reached the bottom combined with the low inventory of desirable homes has brought an increase in the number of building permits issued for new homes. While NorthWest Crossing has been at the center of this activity for sometime we are starting to see signs of live in other sectors of town. Group PacWest has revived the eastern portion of the former Palmer Homes Gardenside neighborhood off of SE 27th Street with great vigor. Elsewhere throughout town you will see other signs of building life, nothing like we saw in the mid 2000’s, which is a good thing.

Summer is a great time to explore Central Oregon, get out there and have some fun before it is gone!! If you need a guide for Central Oregon properties do ot hesitate to contact me, I love to show what we have avaiable.

Next up is what some believe to be Central Oregon’s best season fall.

Updated March Bratton Report...

Due to a change in how our local MLS tracks residential homes there are some errors in The Bratton report this month. The error decreases the amount of homes sold last month by 22 properties, which brings the median price of homes down $2000 to $198,000. Days on the market goes up by one to 120. Price per square foot remains the same.


The Redmond changes are bit more pronounced for the median price, dropping from $131,000 to $113,000. The sales classification is a little less dramatic, dropping from 52 to 48 and days on the market dropped by one.

Our local multiple listing service recently changed how properties that sat on over one acre were classified this lead to the discrepancies.

My Tardy Bend, Oregon Market Trends Report for January 2012

Once again I am tardy with last month’s market trend reports for Bend, Oregon.

Things are looking better here for the real estate market in Bend, Oregon. Once again we are hitting the top of a couple of “Best of Lists”. Check out these two links from the past month,

Mount Bachelor uphill from 'Beer City USA'   seattletimes.nwsource.com

http://adventure.nationalgeographic.com/adventure/trips/best-ski-towns-photos/

Bend continues to be one of the finest places to live, work and play. Local Pete Alport has put together a short Youtube video piece that helps define why so many of us choose to live here. 360 Degrees of Mt. Bachelor by Pete Alport www.youtube.com

Our local real estate market continues to recover as we bounce along the bottom. As mentioned in this blog previously it is my humble opinion that we have hit the bottom of the market. My observation through hindsight is that we bottomed around the spring of 2009 and have been bouncing up and down in small increments for the last three years.

Currently new listings are on the rise but our inventory continues to shrink. Last month there were 22 new listings above the previous month, yet overall inventory of residential homes in Bend dropped by 73 to 432 homes.

Of these listings distressed properties continue to have a smaller presence in our market. As of today (2/21/12) there are 41 bank owned, 48 short sale and 353 traditional sale residential properties actively listed. Of course this is leading to quite a bit of competition for the better priced homes. We still continue to see the seller who believes they need to recover a good portion of their investment made back in the hay days of 2004 -2006 but more often folks are coming around to the reality that those dollars are gone for the foreseeable future.

With that said now is the time to take action!! If you have been sitting of the fence waiting for someone to declare we have hit the bottom, it has now been declared so get off the fence. Interest rates are low but will not stay there for much longer, home prices are still low but our selection is limited. We see incredible properties all the time; they just do not last long. So if you are jumping in to the market come prepared. Have your funding squared away, talk to a good lender; get pre-approved for your loan. I have a couple of very highly regard mortgage specialist I can recommend. If you are a cash buyer have your proof of funds easily accessible and let’s go hunting for a property in Central Oregon.

Ho Ho Ho Merry Christmas, Here are the Bend Market Trend Reports for November 2011

A friend queried me about the trend he was seeing in the Bratton report; he was concerned that the drop in the median price of Bend homes might be an ominous sign. How if we are bouncing along the bottom could the median values drop by so much? When you pull back and look at the bigger picture the market for homes above $225,000 has remained very soft while everything below that has been moving tremendously well.


This has skewered the numbers and perceptions of those who do not dig deeper for the cause. Are there a good number of homes available for sale above $225,000? Of course, are they selling? Not so much. Right now many people who might move up or those who want to sell feel the economic conditions are too unsettled for them to take the chance of making a move.

This trend also shows that those who are not intimidated by the current economic conditions are buying up the well valued homes. The greater concentration of these homes has been in the $225,000 and under price range. Many feel that in this price range should things fall a bit further that their losses would be minimal since the fall is incrementally smaller. An even greater pull is that many feel they will not see these same purchasing opportunities come our way again for some time.

As we move through the coming year the combination of a pent up need for people to move forward in their lives and economic conditions that should continue to stabilize will lead to a steady improvement in the median value of homes as the higher valued homes begin to sell once again.

To see the market trends for Bend follow the link
Bend Market Trends Report.

Time to Fall Back... September Bend Market Trend Reports

September has now passed and the glory of fall colors is upon us. Central Oregon is ablaze with vibrant colors. The usual big storm that tends to shake and shed the trees of their foliage has passed us by leaving us with a spectacular fall. Cool clear nights warm and sunny days bless all those who venture outdoors this time of the year.

In many ways the local real estate market reflects the same, the bluster of activity expect from lenders renewing their pursuit of foreclosures has yet to materialize. Interest rates have remained low and stable with little blips upward, only to settle back down. Inventories of good homes at reasonable prices remains thin as the amount of properties listed dropped slightly from August. Right now with the low inventory on good homes it is not uncommon to have multiple offers on a property soon after it appears on the market.

September numbers across the board dropped from this year’s highs that were achieved in August. Distressed property sales in relation to total properties sold has remained in the forty percent range for the fourth month in a row. This is a welcome relieve from last year when they comprised sixty plus percent of all sales. Recently we have seen more foreclosure activity at the court house steps, these properties should appear back on the market toward the end of November.

This will be good news for investors and first time home buyers looking for good value properties. For others the uncertainty with the jobs market combined with concern for the stock market and its affect on retirement income have many buyers and sellers frozen. It could take getting past the upcoming election cycle before we see a return to confidence in the overall market.

Check out the Duke Warner Realty Market Trend Report, the Bratton Report, the Bratton Notice of Default Report and a new report put out by the Bratton Appraisal Group, the Distressed Sales Analysis Report at shopbendhomes.com.

Mortgage Help for some of the Hardest Hit…

As most of us know the recession has hit Oregon especially hard. Oregon is hardly unique in this suffering and is one of 17 states to receive assistance from the U.S. Treasury Department to help those in need.


Coming December 10th the Oregon Homeownership Stabilization Initiative (OHSI) is going to be offering a Mortgage Payment Assistance program. This will be the first of several assistance programs to be offered through OHSI. The program is intended to help financially troubled homeowners avoid foreclosure. In Oregon it is anticipated that 5,000 unemployed or financially distressed homeowners will receive assistance by covering their mortgage payments for one year or up to $20,000 whichever comes first.

Visit http://www.oregonhomeownerhelp.org/ to get more information and take the eligibility test for the program. To stay informed on OHSI offerings make sure that you sign up for their newsletter.

Home Sweet Home

First time home owners are you looking for your first “Home Sweet Home”? The Oregon Bankers Association in conjunction with the Oregon Association of Realtors® has put together a program to assist first time home buyers in obtaining their first “Home Sweet Home”. The program is focused on providing homeownership opportunities for low and moderate income Oregonians earning less than or equal to 100% of the area median income.


To get started the first time home buyer must be working with a lender who is a member of the Oregon Bankers Association and a Realtor® who is a member of the Oregon Association of Realtors®. To help the first time home buyer your lender can make available to you a $2,000 grant for your down payment and/or closing costs, along with matching assistance from your lender or other qualified sources valued at a minimum of $500.


ELIGIBLE BORROWERS

To be eligible for a $2,000 grant you must:

• Be qualified as a first‐time homebuyer.

• Occupy the property you purchase as your principle residence.

• Not have household income over 100% of the area median income in the county where you purchase your home. Median income varies by county, so ask your lender for information on specific limits.

• Have no major credit obstacles.

• Have no more than $10,000 in liquid assets left after loan closing.

• Successfully complete an approved homebuyer education course.

• Be a legal Oregon resident or be pursuing permanent residency.


ELIGIBLE PROPERTIES

Eligible properties include any new or existing single‐family residences located in the State of Oregon, including site‐built homes, condominiums, townhouses and manufactured homes. Properties must meet quality standards required to qualify for a mortgage loan.


TYPES OF LOANS

The following types of loans may be used in conjunction with a HOME Sweet Home

Program grant: 􀁹 FHA 􀁹 Conventional

State Bond 􀁹 Rural Development 􀁹 VA


AMOUNT OF ASSISTANCE

In addition to the $2,000 grant, your lender will help you determine the type and amount of additional assistance from other sources that fits your needs and budget.


HOMEBUYER EDUCATION

Successful completion of an approved homebuyer education course is required to be eligible for assistance through this program. If you have not completed such a program, please contact your lender or visit www.oregonbond.us/OHCS/SFF_Homebuying_First_Time_Homebuyer_Training.shtml to learn about upcoming classes in your area.


ELIGIBLE LENDERS

All banks in Oregon that are members of the Oregon Bankers Association are considered
eligible lenders. A list of OBA member institutions can be found at http://www.oregonbankers.com/members/bank‐members/list/ . Qualified homebuyers must obtain financing through an eligible bank in order to access the HOME Sweet Home funds and must be a working with a REALTOR® in good standing.


Visit your bank to inquire about accessing the HOME Sweet Home Program.

Stepping Up To A New Web Site...

I have been feeling kind of bad for negecting my blogging duties of late but I have been working on the content in my new web site, shopbendhomes.com. A consuming task, which will be a work in progress for some time to come.  

My web site allows you find the latest properties available in Central Oregon with its powerful map based search engine. This search feature allows you to visit the properties location virtually. While viewing the property you will have all the listing information for the property presented at the same time. The web site allows you to set up your own account to keep track of all the properties you like and to be alerted to any changes in the properties status.  

My web site also contains pages and links to help guide you through the maze of real estate solutions. Take the time to visit my site I will be curious to hear your feedback and suggestions. 

Visit shopbendhomes.com to find your next Central Oregon property!

Bend Oregon July Market Trends

Here is the market trend report for July, I am a little tardy in posting this.

As one might expect the months of inventory on homes under $425,000 has increased as summer has attracted more sellers to the market. The inventory for homes in the price categories above $425,000 have actually dropped slightly.

The current list price to sales price ratio has remained in the high ninety percent range. The difference between original list price to sales price continues to shrink and is now at eighty eight percent. This is an indicator of how the smoking deals are disappearing from our market and that sellers have adjusted their pricing expectations.     

Our market continues to see investors that have been bolstered by Bloomberg's Businessweek report that Bend is number two on a list of the fastest recovering markets by 2014. Zillow's report that Bend is leading the nation in home value depreciation has many thinking that Bend is still ripe with opportunity. As the original list price to sale price ratio shows those bargins are starting to disappear.

Buying rental property makes sense…

With vacancy rates for Bend rental homes hovering around 3.5% and home prices at ten year lows and interest rates at historic lows, the time is right for investors to pick inexpensive properties. The low vacancy rates are not likely to change anytime soon, many people have given up the fight to keep their mortgaged homes and have been forced out into the rental market to fulfill their housing needs. Those who have lost the battle to keep their home now face having their credit severely damaged for at least two years possibly longer, making purchasing a home all but impossible for the next few years. This scenario should keep the rental market strong for many years to come.

For those folks with the means and capital reserves now may be the time to take advantage of today’s market conditions. Currently there are 25 homes listed in the Bend market under $140,000 that are not short sales, nine of these homes were built in the year 2000 or after. Many renters are looking for modern comfortable homes that are easy to live in and do not require a large commitment for upkeep.

A good example is a three bedroom home with one and a half bathrooms built in 2007 currently listed at $132,900. With a 25% down payment and an investor’s mortgage interest rate of around 5.5% rate, an investor would be paying approximately $770 a month for principal, interest, taxes and insurance. A quick survey of Craigslist would show that a home of this caliber should fetch a monthly rental of approximately $950-$1250. This would put you on the path to having a positive cash flow.

Positive cash flow is just one benefit of a rental property, not to be over looked are the tax benefits of owning a rental property. Check with your accountant for how a rental property could best work for easing your tax burden. Currently the near term outlook for appreciation on a rental property is unlikely the long term prospects for Bend are good. Those who took advantage of the real estate downturn in the eighties to buy rental properties are still chuckling today.

Those who are skeptical of the Bend market should remember that all of the qualities that made Bend popular a few years ago are still here, it just that a few of our warts are now more apparent. People will still want to move to Bend because of its proximity to outdoor recreation, dry climate, great beer and easy life style. Bend will never be an employment Mecca but for those who are determined there is always a way to make the lifestyle work. Maybe owning rental properties will be part of your portfolio for successful Bend living.

COBA Tour of Homes and the Sagebrush Classic…

This weekend kicks off the Central Oregon Builders Associations Tour of Homes. The Duke Warner Realty staff will be hosting a Greg Welch designed and built home in Northwest Crossing. Set amidst ponderosa pines and rugged lava outcroppings on the west side of Bend, Oregon; Northwest Crossing is one of Bend’s premier neighborhoods. Come by 2330 NW High Lakes Loop and visit me while I host this beautiful and efficient home Saturday 12:30 p.m. through 3:30 p.m. and once again on Sunday 3:30 p.m. to 6:00 p.m.

Check out Greg’s attention to details in the quality and comfort of this energy efficient home set in a neighborhood that has it all, parks, schools, gourmet grocery, shops & restaurants! This home has an open floor plan with a master suite on the main, gourmet kitchen with tiled center island, plus den/office & loft. To assist you in making the most of your leisure time the yard is fully landscaped with automated irrigation system.

After visiting our open house there are 36 more homes on the COBA Tour of Homes to consider this year. The event is spread out over two weekend’s so do not feel rushed to visit every home this weekend. Take your time to view all the eye candy for those who love well crafted homes.

I am a little late with this one but tickets are still available so while you are in town, make plans to attend the Sagebrush Classic Feast at the Broken Top Golf Club. This event has become one Bend’s best parties with food prepared by world class chef’s who have flown into make this an experience not to be missed. All proceeds from the event will benefit the many family assistance programs around town.